Page "South Sea Company" Paragraph 22

By the time of the next director's elections in 1718 politics had changed again, with a schism within the Whigs between Walpole's faction supporting the Prince of Wales and James Stanhope supporting the King.

Argyll and Towshend were dismissed as directors, as were surviving Tories Sir Richard Hoare and George Pitt, and King George I became Governor.

Four members of parliament remained directors, as did six people holding government financial offices.

The Sword Blade Company remained bankers to the South Sea, and indeed had flourished despite the companies doubtful legal position.

Blunt remained a South Sea director, as did Sawbridge and they had been joined by Gibbon and Child.

Caswall had retired as a South Sea director to concentrate on the Sword Blade business.

In November 1718 Sub-Governor Bateman and then shortly after Deputy Governor Shepheard both died.

Leaving aside the honorary position of Governor, this left the company suddenly without its two most senior and experienced directors.

They were replaced by Sir John Fellowes as Sub-Governor and Charles Joye as Deputy.